Fair Value Measurements

12 Months Ended

May. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We measure certain financial assets and liabilities at fair value on a recurring basis, including supplemental executive retirement plan ("SERP") assets and liabilities, and foreign currency derivatives. The fair value of financial assets and liabilities can be determined based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, as follows:

Level 1 – Observable inputs, such as quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or through corroboration with observable market data; and

Level 3 – Unobservable inputs, for which there is little or no market data for the assets or liabilities, such as internally-developed valuation models.

Our assets and liabilities measured at fair value on a recurring basis were determined as follows:

	May 31, 2015
	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total Balance
Assets
Supplemental executive retirement plan:
Money market fund	$	166	$	—		$	—	$	166
Mutual funds	3,355		—			—		3,355
Foreign exchange forward contracts	—		(16		)	—		(16		)
Total assets measured at fair value	$	3,521	$	(16	)	$	—	$	3,505

	May 31, 2014
	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Balance
Assets
Supplemental executive retirement plan:
Money market fund	$	323	$	—	$	—	$	323
Mutual funds	3,095		—		—		3,095
Foreign exchange forward contracts	—		9		—		9
Total assets measured at fair value	$	3,418	$	9	$	—	$	3,427

The fair value measures for our SERP money market funds and mutual funds, which we classify as trading securities, were derived from quoted market prices in active markets and are included in Level 1 inputs. As of May 31, 2015 and 2014, we had $3,521 and $3,418, respectively, of obligations under the plan included in accrued expenses (see Note 12 for further discussion of our SERP assets and liabilities). Foreign currency forward contracts were valued based on observable market spot and forward rates as of our reporting date and are included in Level 2 inputs.